XRP Price Confirms Early Stages Of Bull Market? Data Sheds Light On Recent Rally
24 Oktober 2023 - 10:00PM
NEWSBTC
Volatility is back in the crypto market as the XRP price and the
price of other major cryptocurrencies trend to the upside and into
new year highs. The cryptocurrency is heading towards its next
resistance level with a high chance of Related Reading: XRP 10%
Rally Strengthens Case For $0.55 Breakout As of this writing, the
XRP price trades at $0.57, with a 9% increase in the last 24 hours.
The cryptocurrency recorded a 16% spike in the previous seven days
and closely followed Bitcoin and Ethereum’s price action, which
recorded a 22% and 16% profit over the same period. XRP Price On
Its Way To Next Critical Level According to an XRP trader on social
media platform X, the token’s price exceeded the critical
resistance level of $0.528. The analyst claims that there is a high
chance that the XRP will rise close to $0.60 in the short term. In
that sense, the trader believes that $0.66 will operate as the next
critical resistance level based on the chart below. The analyst
compared the current XRP price with the 2017 bull run. The chart
shows that during the 2017 run, XRP closed above the weekly
Ichimoku Cloud, a level used to gauge critical resistance and
support levels. Once the token broke above that level, it could
quickly fall into new highs and price discovery. The analyst stated
the following about the XRP price and its potential to continue its
run: This is not a warning or financial advice, but I would like to
share it with you and emphasize how close we are after this weekly
close. It seems the weekly Ichimoku close will be above the clouds,
and it only happened before the 2017 run and 2021. When it happens,
it happens. Be Ready. Crypto Market Poised For Further Highs A
report from Bitfinex Alpha corroborates the market susceptibility
to “new narratives.” In particular, the potential approval of a
spot Bitcoin Exchange Traded Fund (ETF) in the US. As the XRP price
and the market continue to rip higher, volatility in the sector is
likely to remain high. As seen on the chart below, the crypto has
been inching higher and higher with each volatility event (the
potential approval of a Bitcoin ETF was the most recent. Related
Reading: Cardano Passes Crucial Update As ADA Price Prepares For
65% Rally In addition, the crypto research firm points to an
increase in on-chain activity, which has historically supported
higher prices for the sector: On-chain activity also continues to
support the conclusion that higher volatility is here to stay and
that it will grow in the coming months. Our analysis of Spent
Output Age Bands (SOAB), which track the age of coins when they’re
spent, and in particular the “age bands” of UTXOs that are most
active, we can discern which group of investors is predominantly
influencing market changes. For instance, if the UTXOs aged between
three and five years show significant activity, it implies that
investors who have held their positions for that time span are the
primary movers in the market at that juncture. Cover image from
Unsplash, charts from Bitfinex Alpha, Dark Defender, and
Tradingview
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